银都股份：2024年三季报点评：收入增长稳健，净利率变化主要受财务费用影响

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][12]. Core Views - The company reported a revenue of 2.093 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 1.75%, and a net profit attributable to shareholders of 479 million yuan, up 17.83% year-on-year [1]. - The revenue growth in Q3 remained stable compared to Q2, with Q3 revenue, net profit, and net profit excluding non-recurring items at 726 million, 133 million, and 127 million yuan respectively, showing year-on-year changes of +0.17%, -3.62%, and -5.75% [1]. - The gross profit margin improved both year-on-year and quarter-on-quarter, reaching 45.44% in Q3, with a year-on-year increase of 1.07 percentage points and a quarter-on-quarter increase of 0.35 percentage points [1]. - The decline in net profit margin in Q3 was primarily due to fluctuations in financial expenses, with a net profit margin of 18.27%, reflecting a year-on-year increase of 0.72 percentage points but a quarter-on-quarter decrease of 6.49 percentage points [1]. - The company is actively pursuing global brand expansion, with nearly 80% of its OBM business in 2023, and plans to expand through "pure agency sales" in new countries/regions [1]. - The company is focusing on product diversification and equipment intelligence, with significant potential in the U.S. market for its French fry robot products, estimating a market space of 2.9 billion USD if penetration reaches 20% [1]. Financial Summary - The company forecasts revenues of 2.795 billion, 3.149 billion, and 3.547 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of +5.4%, +12.7%, and +12.6% [2][5]. - The projected net profits for 2024, 2025, and 2026 are 622 million, 727 million, and 846 million yuan, with year-on-year growth rates of 21.7%, 16.8%, and 16.4% [2][5]. - The target price is set at 41.05 yuan, based on a 24 times PE ratio for 2025 [1].